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Now I understand that now we can bank 2 of fof and ffb, but is is it better to cast frostbolt then instant cast fof or ffb and alternate between a hard cast and an instant spell, or use your procs as you get them even if that means interrupting a hard cast.

To be frank if you ever find yourself in a situation where you have 2 FoF and FFB you either do not care about casting Frostbolt at the moment or you screwed up to not dump your FFB's before generating FoF procs (i.e. Water Jet). The only situation I can imagine where this might be an issue is if you're attempting to bank a lot of procs for a PC. I'm not entirely certain risking proc munching would be worth it assuming you save Frozen orb and use Water Jet before hand.

To answer the question though, I imagine FoF is better to go for seeing as how FoF and FFB procs are generated on spell casting success, not landing. I have no mathematical basis for this opinion though so if someone else is better informed feel free to correct me.

Well say for example you have a FFB proc, and you are in the middle of casting frostbolt, would you cancel your cast to use the proc or continue it, my question revolves around whether or not you are supposed to use your procs as soon as you get them

ABC - Always Be Casting.

In general you want to use your procs as soon as you get them, yes, but that does not mean you should cancel a cast for them. This means that if you are chain-casting Frostbolt, and you see a Brain Freeze proc pop up, do not stop casting - finish your Frostbolt cast, and follow it up immediately with a Frostfire Bolt. After that is done, assuming the FFB doesn't proc Fingers of Frost, resume to chaining Frostbolts.

In almost no scenario is it worth cancelling one damage spell cast to replace it with another.